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Pedro’s List Reports Increased Net Losses and Changed Business Focus
Pedro’s List, Inc. (PDRO) recently released its SEC Form 10-Q filing for the quarter ended April 30, 2023, revealing a net loss of $296,777, increased notes payable, and common stock issued for debt conversion. A comparison to the prior-year quarter showed a substantial increase in net losses as the company posted a net loss of $22,705 during the same period in 2022.
The company, incorporated in Nevada in 2014, initially planned to enter the fitness equipment distribution market in the United States. However, after acquiring Pedro’s List U.S. L.L.C. on May 23, 2022, the company pivoted to offering an online service that connects consumers with credible and reputable home service and repair providers in Mexico. This acquisition was treated as a purchase, with Pedro’s List, Inc. being the acquirer.
Financial Statements: Total Liabilities and Common Stock Issued for Debt Conversion
According to the recently released financial statements, the company’s total liabilities amount to $307,250 as of April 30, 2023, compared to $369,805 as of October 31, 2022. During the six months ended April 30, 2023, Pedro’s List issued 12,500,000 shares of common stock for debt conversion, totaling a value of $187,500. The company also issued 600,000 shares of common stock for services, valued at $180,000.
Increased General and Administrative Expenses and Net Loss
Pedro’s List experienced a significant increase in general and administrative expenses for the six months ended April 30, 2023, which totaled $324,525, compared to $50,955 in the same period for the prior year. As a result, the company’s net loss for the six months ended April 30, 2023, amounted to $359,796, compared to a net loss of $50,955 for the same period in 2022.
Uncertain Future for Pedro’s List, Inc.
With the acquisition of Pedro’s List U.S. L.L.C. and the resulting change in the company’s focus, it remains to be seen whether Pedro’s List, Inc. can improve its financial performance and build a sustainable operation in the home services and repair market in Mexico. Currently, the company’s financial position shows increased debt conversion and a growing net loss, which may raise concerns for investors.
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